coindesk.com
Strategy (MSTR) pioneered the digital asset treasury (DAT) model in 2020, spurring a wave of publicly listed imitators who splurged their own cash and borrowed more to buy bitcoin $BTC$64,903.64 as the price climbed toward a record $126,000 in October 2025.
Since then, bitcoin has slumped about 50%, sending share prices tumbling and forcing many of the companies to reconsider their accumulation strategies. According to VanEck Head of Digital Assets Research Matthew Sigel, several companies have now exited crypto entirely or are reducing holdings substantially.
Just this week, Satsuma Technology (SATS) shareholders approved the liquidation of all 668 $BTC, the return of capital and a delisting from the London Stock Exchange. Another LSE-listed firm, Smarter Web Company (SWC), sold 178 $BTC to repay a convertible instrument
“When we entered into Smarter Convert in August 2025, it provided an innovative alternative to traditional leverage,” Smarter Web CEO Andrew Webley said in a statement. “… whilst we continue to recognise the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company.”
Among others abandoning the treasury approach include Sequans Communications (SQNS), which sold 1,025 $BTC before disposing of nearly 80% of its remaining holdings to repay convertible debt. It has ruled out further purchases and plans to monetize its remaining 658 $BTC.
Nakamoto (NAKA), whose shares have fallen 99% since its May 2025 SPAC deal, sold around 284 $BTC to raise $20 million for working capital following its acquisitions of $BTC Inc. and UTXO Management. It sold roughly 40 $BTC received through its derivatives program, according to VanEck’s Sigel. Almost 70% of its remaining 5,342 $BTC were pledged against a Kraken loan maturing in December, creating what Sigel described as a potential binary event.
It’s not only specialist treasury companies that are reducing their holdings of the largest cryptocurrency. Crypto miners including Bitdeer and MARA Holdings are selling bitcoin to repurchase or repay debt and repurpose their energy-supply deals and computing resources to power AI data centers.
Other sellers include Empery Digital, which has reportedly sold almost half its bitcoin to finance buybacks and debt repayment, and Strategy, which has sold about 3,620 $BTC in recent weeks and authorized additional sales to support its U.S. dollar reserves.
Strategy, which started the investment trend, remains the largest publicly listed holder of bitcoin, with more than 840,000 $BTC. CEO Michael Sayler remains bullish.